A couple of weeks ago COTI announced their partnership with MyEtherWallet and Enkrypt which will add privacy features to an estimated 3.2 million wallet users. MyEtherWallet will be the first wallet to enable the new COTI V2 privacy features and being the first they have a blank canvas to work with.
The garbled circuit technology offers encryption which will only enhance what features are already available. This partnership between COTI V2 and MyEtherWallet will set the benchmark offering new standards for other wallets to now strive for.
MyEtherWallet has always promoted a "non custodial" approach since it launched was back in 2015. This was the very first Ethereum wallet and like I mentioned earlier in the post has 3 million active users along with 200K o Enkrypt which is the multi chain wallet from the same team as MEW.
Being the first to implement garbled circuit encryption there is no guide on which to gauge on what can be done. The idea is to make this as simple as possible enhancing the user interface so beginners and seasoned veterans can use the functions seamlessly whilst adding the privacy option.
The new narrative for WEB3 is that privacy and decentralization can work together co existing enhancing each other. User have been asking for privacy and confidentiality for some time as this also enhances the wallet security.
If one checks out Etherscan you can see very Ethereum wallet and what it's balance holds. This is what we only know up till now using blockchains as it is very transparent and has it's pros and cons. With MEW now integrating COTI V2 privacy users can select if they want to remain in the open or mask their transactions through encryption. Most will use COTI V2's privacy option wherever possible as it is your right to keep confidential information hidden.
The first one is always the big one as once others see what is happening they will add this feature because it will become the norm. This is like our HIVE wallets which are all in the open for everyone to see ad if we had an option to keep them private how many would? Yes there are ways which one can see and judge through vote weight and value etc, but at least there would be an option to cloak what we have.
I am still in the dark as to how COTI investors benefit from these particular use cases and I guess there will be a fraction of a percent fee added somewhere for every transaction. Considering this will be millions of transactions only a very small percentage is required that will be worth a tidy sum that will eventually filter back into the COTI Treasury.
Being bullish on COTI is an understatement these days and I expect big thigs over the coming years as privacy that can be scaled up is going to be a big narrative in crypto especially from businesses wanting to use the various blockchains. Without privacy crypto will not be adopted by big business and this is just another step moving closer to adoption.